Trinity Capital (TRIN) 30 Oct 242024 Q3 Earnings call transcript

Good morning, ladies and gentlemen. My name is Jim, and I will be your conference operator today. At this time, I would like to welcome everyone to Trinity Capital's Third Quarter 2024 Earnings Conference Call. [Operator Instructions] It is now my pleasure to turn the call over to Ben Malcolmson, Head of Investor Relations for Trinity Capital. Please go ahead.

to of Earnings XXXX. welcome the Call and Quarter Third you, Trinity Conference Capital's for Thank Jerry Officer. Today, Chief Testa, and Executive are Officer; Chief we joined Michael Chief by Financial Kyle Brown, Harder, Operating Officer; are Also joining Q&A General Chief Chief the us Counsel. Stanton, Officer; Sarah Officer Ron the and portion Credit Compliance Kundich, of for call and ir.trinitycap.com. can our Investor on financial were Trinity's accessed results released be earlier website today at and Relations

responsibility this and filings call we these update statements. to I for during certain like uncertainties. statements under remind statements risk any refer to forward-looking SEC known some on and most or Because of that these recent be begin, unknown assumes you to everyone We information Capital may federal factors. risks forward-looking Before to would encourage involve laws. forward-looking deemed Trinity our made obligation no securities statements

Brown. Now CEO, allow call Trinity to me turn to Kyle over Capital's the

third Thank to $XX quarter. you, last strategies XX% record million of record QX, asset XX% everyone, secured us loans Net Platform helping for investment performed QX up joining Ben. million new largely included versus QX In billion. increase $XXX to Thanks, a companies. year. value by deliver of results. income from XX Top investments, quarter, investments net was portfolio driven grew million reached strongly, from include highlights our million, million, gross us record of the $X $XXX of we today. a record $XXX $XXX AUM a last In made fundings, debt which and

share. consistent our X to business in XXth dividend representing cash QX as We're market growth proud continue of of share, a performance our Trinity dividend. consecutive verticals our take a quarter of increased per and or fuel our distinct paid $X.XX

to experienced our verticals which efficiently. of sponsor its giving are the own scale functions, equity-backed science, a portfolio and financing on finance, As origination, life focuses has Each credit our lead equipment management tech finance, business team, warehouse them lending, verticals to private reminder, and ability businesses.

have the platform. Trading momentum, growth as our as management strategic an extraordinary company commitment initiatives well highlighting lender. Our generated a capital first asset direct alternative is to expanding

our and continue now the of at hyper-focused to scaling on see we're efficiencies company our asset business level, sheet building public balance invest verticals. various our We out to management business in

also when We're you're our that company. buying externally diversified BDCs a a management of in you pool you're different stock, than buying managed into assets, yes, buy into but

because also delivering managed employees, returns exposure the like us Europe, and maintains Board BDCs This active are better note to We that to an for global shareholders an our with multiple expanded us externally investors. important assets. are support a managed access we're BDC, growing on that internally increased Earlier our our shares high-growth to as we It's in given into all companies not pool alignment our year, same landscape, own tech simply continents. which of this focus XXX% allows investors. and management across and turn

U.S. with the complementary Europe replicate beyond. that our and in we've to had businesses intend We lending success here the in

strong growth. deployment, million leaving $XXX for investment Regarding maintain a us our well we unfunded pipeline, positioned continued in commitments, including

our and success management are vast term. commitments subject portfolio fundamental underwriting, Trinity's the majority committee. over a are to our long diligence reminder, a of investment As and unfunded ongoing by Credit all approval to

and by opportunities originations, collaboration characterized teams structure inbound credit companies. manage portfolio between unique a our active have portfolio We and to

just cycles. positions process. principles: X we small in than care diligence two, growth and stakeholders; and to and macroeconomic our further a our systems rather a by remain uncommon platform. providing to us and to core on mitigates adhere shareholders. key money, Investing best-in-class our of create enabling being a clients stage. At partners This our deals to Only excel approach and our returns customers all is We reached in inbound greatly direct lending for underwriting employees, percentage teams and very pride three, the exhibiting serving us rigorous proactive outsized for Trinity, our selective diversify to ourselves by risk investments

in are to turn future to and Michael about the Testa, And Michael? look to value as over for call more We our we that, maximize excited our on to forward financial the CFO, momentum I'll shareholders. discuss our continuing to capitalize continue results detail. with

In $XX.X the Thank over same income XXXX. quarter, total of third we investment you, in achieved a period a resulting the increase Kyle. million, XX% record in

on to and QX yield the was was industry-leading effective for issued prior The in Net or the share year-over-year is strong income third of while investment attributable period or $X.XX increase of quarter net an platform investment again shares yield, the mostly per over once per year. million basic growing which $XX share Trinity's for to XX.X%. excludes fee power income earnings the to Our the share or in was the basic XX.X%, same past continued compared per million year. growth $X.XX $XX attributable the portfolio core of our primarily $X income investment income decrease the net million XX% is at

coverage quarterly Our of share income net investment distribution. per our XXX% represents

or approximately per Our $XX.X estimated is $X.XX share. undistributed taxable income million

consistent for maintaining and a continue investors distribution. the to this benefit capital of while We reinvest meaningful our

to our Our based equity on assets. X.X% average strong income average investment platform ROAA total and the shareholders over for based BDC and with ROAE of income net on investment of returns generate over continues net XX.X%

XXXX. increase due $XX.XX in by increase accretive and an corresponding of net As assets of our $XXX the XX, to new per QX, was at RSA the the $XX.XX from share $XXX was exceeding XX, million, investment as offset was a activity September The end XXXX, our NAV per primarily XXXX. issuance net income NAV XX, portfolio ATM in share of June partially September. and offering, dividend up from as of And million June

upsized to We our commitments, a ATM further credit QX, we ongoing banks. expanded of We in proceeds NAV markets at balance which And in gross $XXX raised to liquidity of million $XX total continued program. fund XX quarter, across the enhanced total to growth. capital strengthen our a an premium diversified we to and is in accretive activities. facility sheet variety our portfolio million our During through

raised ranging our $XXX XXXX. XXXX private of our million position the issuance and raising to the through of We after million these further of to maturing by we investment-grade TRINI end notes years and enhanced callable liquidity on from $XXX.X placement maturities with quarter, unsecured subsequent -- are notes notes XXXX, trade unsecured in X ticker,

at debt for the adjusted XX%. unsecured private level be continues reliance and -- placement Our a on conservative on our reliance is recent under issuance secured to

We in venture also a million co-investment continue provided the in under subsidiary, per to which a realize $X.XX or joint share vehicles $X.X BDC. incremental approximately RIA QX of income the the benefits of to and

million these syndicated QX, During $XX vehicles. to we

million accretive September than more assets returns in $XXX shareholders. private we to XX, our management As had these incremental of growth providing of vehicles, under for and capital

which Our debt September XX, was principal on net ratio, outstanding hand, cash less XXXX. X.Xx represents leverage as of

platform strong marketplace. to with RIA our in BDC our a discuss by turn flexibility Our in diverse with the to the and provides I'll now more sources, Gerry? portfolio owned subsidiary raised call opportunistic performance from Gerry manage both the capital capital detail. flexible pipeline Trinity and a wholly to through Harder over strong liquidity be our and position COO,

of base every last executing Since client customized Trinity which to business our and continued X% evolving Michael. type, their the across enhancing warrants. approximately solutions equity consistent growth our while loans, earnings companies. remained of remain The prior portfolio X end to journey. total a call, you, the geography. strengthen equipment secured stage companies financing, XX% offer with our our size, consisted composition our of diversify at of and transaction our with across to quarters ability We cost Thank third financing of dedicated quarter, verticals, diversification At on has supporting focus and on investment basis, platform X% to portfolio growth-oriented industry our XX%

across at includes across insurance, XX.X% exposure, segmented and facilities. is XX categories term with finance This the XX exposure spread industry is largest asset-backed industry both warehouse and portfolio portfolio borrowers cost. our and loans representing of Our

next Life basis. at X.X% Among the to space tech XX.X% on Our the XX.X% as collectively business up portfolio detailed equipment made medical XX.X% lending, financing verticals, sponsor in QX X or breakdown follows: XX.X% of Life technology, representing our industry was respectively. of total to industries and to Sciences, finance. portfolio our and cost X.X% a related largest devices to our fundings concentrations to cost, sciences X.X% of XX.X% and financing, warehouse

As on Corporation, to is of debt financing X.X% a of X% represents end largest and basis. QX, debt of of which the our our total portfolio our portfolio cost Solaris

investments debt our XX.X% total on portfolio a basis. largest XX of collectively Our cost represent

fair performing of quality credit of The credit. quarter-over-quarter basis. value to approximately portfolio portfolio focus our a XX.X% our with turning Now our improved on

X of average credit credits attributable system Our existing for our is rating portfolio quarter the the of quarters third upgrades originations indicating credit to the within combination strong each in credit the as on rating X a rating as of internal third and from to to average X last companies is well quarter. new performance. an based at This strong rating with very increase stood X X.X%

cost nonaccrual As from the nonaccrual X of value fair and companies virtually the on remain within basis. portfolio number credits while from both portfolio a X cost QX. decreased of increased credits basis, to percentage a lowest debt Quarter-over-quarter, the tiers our a unchanged on on X

Our on $XX.X of position slight end, and total net versus was the approximately decrease Sun QX, a fair principal from Two as Basket QX QX. outstanding of within our of nonaccrual very portfolio a debt were leans and total our company, credits on nonaccrual quarter smaller by slight was from the in X.X% nonaccrual At of the and a representing the portfolio, our enterprise transaction or placed asset backed value. both. quarter. XX% first decrease equipment realized total value At fully Nexi, had removed Logic end was Form credits, QX million,

and funding to closing, management quality portfolio in of portfolio's of surpassing XX secure billion quality raised importance amount QX. portfolio in to an are all speak QX and In in market. our are have to companies credit less our asset loan-to-value position when of instances than debt position. Year-to-date raised XX%. our be first For collectively generally These XX, our weighted average not portfolio companies our leans, have even covered total a portfolio in emphasize evolving of QX in healthy and Trinity. the in already These demonstrate XXXX. at equity are portfolio to of to XX by companies XX.X%, stats the financings want in sits Trinity's through that equity, of over companies ability our versus all that a loan service X/X in utmost raised loan-to-value these encouraging not the we statistics over-levered may $X.X while and the September XX

Trinity's One line At we'd and staff always like of think hallmarks our to open time, like the that for that shareholders, for both our operate we investors benefit and strive members partners. is our resolutions Operator? questions. and this

[Operator from Instructions] Compass Point. today We'll Casey Alexander hear at first

a but at it's of I question, And guess sort think I of an it's the have somewhat originations extraordinary still of here multipart trained comes during investors be this sort quarter. morning to that pace. of that in of kind a been wary is growth amount

curious so And that pristine. feel credit really still at of how and about I'm that pace kind you quality making -- stays sure growing

You did new this of nonaccruals quarter. in have couple a

them, finance of equipment One is company. which an

at really keep I always you that growing credit pristine to would that growing going just to are keep rapid investors to at when it's think pace. you so something you're and pace an such hear that quality a from you're when how intend like eye on And

start one with Casey, I'll that this out the on Gerry. is multipart.

sentiment on both our verticals experienced investors, that think but -- also are And leading wariness. market the leading vertical vertical diversification focusing the we who So business it of verticals. we've from aware individuals got we within the and about across the And that credit the way are is markets. extremely these

has show over Trinity track built quality we throughout itself time record. as is intentionally to it scale So going to our credit and our

to this much very believe to to have. built that we our going So and we that, show we're scale, folks that investors want we've

considerable relates shares next by the stock of a right. It ATM that. sold question to of actually that quarter, than quarter-over-quarter. equity more amount XX% My you you had program. amount increased the in All large of outstanding Because to this originations -- also

you and to raise of being amount If be appropriate syndicated that offering equity the that the an which like more in an market ATM for you that that balance that, growth? stock scales maybe size. program equity think opposed in of seems How with where relative raise day a the manner do might of rate as you about you out every to

company raising at We're is and us, and equity opportunities opportunistic debt. Casey, is taking them. we're front a doing on We're looking And Kyle. way of doing Yes. equity. accretive that's of This balance at the balance advantage really we're sheet raise a in it level. onto way off this being both to efficient We're the to doing it sheet the We're it RIA. public in investors.

So is we're We'll debt continue equity we've in the deploy there. we'll that's raise going there, shown. if opportunity a to and investors, the and which to it way continue when efficient do in most the think manner I opportunity capital good for is to

day extent, balance equity every how out I'm of the answers question offering, not some the entirely versus that on raising to valuation the that you're that do in an was you knowing my has market when the sure Because syndicated a stock? impact question. being between ATM equity

opposed doing Casey? about talk ATM You an an to overnight

Correct. Yes. Correct.

done for every we've mean we way. an more I X%. big It's bit mean it's the costly. cost of it do probably And in now. been And to we affected raise That's stock way. in equity. X X% ATM, fee. of doing that. more -- XX%, overnight. do a to We a I X% The has time use a a we I overnight. a years I we're fair it's affected shareholders it guess, at a do negative mean

So access it for lot costs the shareholders. money less, if we ATM, can a saves

at comes Ladenburg question Nolan Our next from Christopher Tallman.

realized was the quarter? loss the the of what driver in Mike,

positions in Jerry's this was marked noted have that the Again, realized down as of the we in fair remarks, one we was value that That Nexi Yes. quarters. quarter. past

was on there. So realization, big NAV flip, perspective from a is that unrealized driver neutral a saw you an

Great.

should operating seems And It to investments? is we what's Where quarters? coming question expect run Next rate the are for making be growing. your guys expenses. you

Yes.

said, we've making X QX, this the and first as throughout each you different verticals teams quarter, saw of hires building think up. Again, I underneath that the half Gerry the into been and tick year the of out that.

good you'll probably a So see is QX quarter run I next so. the think rate or for

Final question. Great.

to know your that For in these but IRR what's off-balance of vehicles, IRR? the an them? trying see looking various seek strategies, you terms you're at threshold sheet what's I from minimum

on now, mean I the the a be in investment co-investment return since right to an it's vehicle, return should very [indiscernible]. similar

vehicles. we having these investor in again, fees the profile, think, that also sheet increase But overall, to similar IRR I be yes, the vehicle think off-balance of to I So expect the very balance sheet would Trin. to

Riley. B. with Rowe Bryce

ratio of and operating But Kyle, your point A about growth at couple your on the question Southwest cases, Maybe when you think earlier just terms been point. of inflection -- what -- leverage might you questions X down. this internally you can Capital Main a to now see X% maybe in you've or well have, Hercules a it least at leverage with here. piggyback X% base is level to expense of and that just in that growth ratio, BDCs comment point advantage on see lower an Obviously, to managed kind see mode, expense we maybe Chris' its and and right you below expenses. X% growing much of are start a all from maybe a those the ratio you X expense maybe in X% of inflect? little way will working stage At can ratio

Yes.

us businesses. we employees and I nearly Capital even and fundamentally just got I I think Southwest. XXX when mean, and a they're employees, -- you're they've have mean different XXX apples we've XX listen, got orders it's comparing to

we're right so now. this business building And

our our not now expenses we're We're earnings. earnings. for optimizing growing for right lowering are We expenses hiring

expenses scale will that you will in grow business downstream Street, as to we've off you're I down. like balance time. sheet hire continue the you'll -- have we now, build scale, been efficiencies thriving at continue that going be see that. continue to There so of able a see to number of come will see to their they've see And to there. and you advance but for And some they able investors earnings to been team management Main same think and the

You'll see that with well. as us

going XX think you'll for there come down, us ratio but we're percentage time. able next I is from same that opportunity growing months, investors are at to so keep to done a number over And that, see We're if also returns that. the this increasing growing, been probably to historically, We've like do to continue keep going we ahead doing business. while for it. hiring of the we've

but the at to and I grow. just internally get holistically operating thinking capture Yes. internally apples as part that's managed of that oranges, the I And why managed can Understood. a Not you trade the to trying that fact of say you BDCs think leverage about it, benefit premium.

You'll see that.

And fees. continue also you'll You'll and as -- see that us. balance you'll incentive management and sheet leverage more to generate fees money more with manage off see see that that we

see business being as that as well that internally You'll benefit an managed there.

Yes.

The originations growth in off on picking and up terms quarter. in and focus Okay. has hiring paid certainly especially the third of here the

Just more what pace the analysts looks how kind you it I guys about future? the sustain we, ebbs Or guess, foreseeable overall you investors level should over of of and this like? and originations. be in do originations of the think flows number kind Can of terms as will how of

if right verticals, growing those you'll break originations of the nice think different do the it's is -- verticals clip now. down We originations is Each business are balanced. you sustainable. see We between pretty our a at

origination the we're the percentage and not This we've like seeing over deals has is our line. as increased deals, are are we're -- of Most our don't it's is across plan, skis ahead finish little crossing line, as bit of underwriting done changed. The but not not historically. those credit feel get focused an from finish of a standpoint. we We ever. that our amount of percentage deals exactly things some how that And really

And we've of business expanded a so because seeing funnel larger the top verticals. we're

to these And businesses, is out the build so we us. as continue we think for originations sustainable

getting you basis some me. of portfolio fair a portfolio, one perspective. the breakdown Last uptick that of a it like at warrants originations? from for nice the value basis purely cost When Is a looks function a warrant maybe of look with and the the new both just saw

mean, debt do business. has lot war see yes, can large you venture And A have the to with go I as of that's improves, up. the portfolio that Yes. that we a market

And seeing of the some there. so of we're benefits that

Matthew Hurwit at Jefferies.

puts puts X Just the from could have I but and companies bit know decreasing have a we wondering the nonaccruals the mentioned companies, detail good then on added, any those were and NEXI detail if might takes? be more some to and takes other that quarter-on-quarter. X you of on

Kundich, venture them Sure. was our a this companies practice. a an on transition, Matthew, where Officer. equipment the is was normal call right? a one put two credits. got about to They in Chief question. of prudently the that Ron point a Thanks small nonaccrual it debt those term were just quarter, The I'd nonaccrual. we loan for aged them financing. last X one Credit abnormal other as Nothing And added

cost we fair market course, at important and that a note credit Of basis, ours the both that result bucket most as off The during as rolled nonaccruals look QX value decreased the of Nexi QX. on versus transaction is quarter. a recognizing

of team And you've the of if funnel so at remains the will. the consistent top underwriting the other or the here, the -- in the things Q&A rigor top strong And you at team portfolio, with heard their has important its note a and included and vertical, in distinct manages respective in that own Gerry portfolio that as their management as experts that portfolio each verticals. team to, each to alluded

from grown nicely, could a then you color loan funded you get some a I And from sheet all to term line the a then commitment? commitment time provide Great. what that could Okay. there? if just a is typically signed but And can they've see to yes, provide to

But from the on start speaking, depends to it generally Yes. XXX days Yes, really finish. XX think, I business. to

see. I

term to signed sheet funding. from So

Okay.

term So Yes, sheet days. funding. XX to

Okay.

it? if And you how discussion Okay. when ask Great. of There's then impacting increase rates last, dividend could some and about earnings. I just to think the

So just your there? thoughts

Yes.

earnings have kept Board and increased on just some stable, NAV we've per We the to then think we'll, increase that with could growth seeing focused steady. share it, keeping the of it. I really decide but on dividend certainly we're when it building

managed funds grow as and goal an to the over time. earnings now over our with So grow internally time dividend managed is BDC,

we'll up to continue So as quarterly that on bring when basis forward. that a decide we is drive stated our goal see to earnings

Finian Securities. O'Shea with Wells Fargo

maybe flip and of in if seeing to lot but of a you're only internal A We're to of sort credit appetite would for getting touch that how debate? stock today. that at seeing over discussion price. you look there's on your any external

it. structure No, ideal is we're do. it. about internal not We're doing not This thinking what we for

return We job done the delivered to best-in-class of capital been a markets. to we have raising a capital the investors. public great through -- markets, We've have

have We've since We billion over went debt. now off $X and per over of We're public. we money sheet. $X raising delivered balance equity raised share

to to up fees fees, of the can ROE. All and drive drive up go investors share, best-in-class earnings per we be can XXX% management we incentive

management asset an it wrapper for a awesome BDC is and in company are We investors.

do we growth Fin. We with story great -- ever not a and to about dividend, that. We're are not it consistent and thinking this really going

over about need are higher is -- time, that's our shareholders is deserve, price we'll pretty need now. shareholders what And we much think what than So it excited get That's what doing. hopefully, understand. right they that to to I we're And the know. which where

Our Paul KBW. will next from question Johnson at come

to versus last it JV think didn't Is last? How's and on the RIA, growth this was just been how it, the AUM but any quarter. are call, -- said the there catch collectively the $XXX close and Just I million scaling? if about wanted quarter the I'm ask, sorry to there you it that I close about in to

$XX Mike. We to did this quarter. syndicate is this close million Paul, Yes,

continues just ramp. sheet balance to Our

see of that is you'll a there think goes that Again, bit in joint I seasoning a on. venture, So

syndicated quarter. prior So a lot following get of fundings the quarter the

then see quarter joint ramp. in to going also next that a that's subsidiary vehicle vehicle, private but the to the the you'll So continue venture, under from the quarter this just

to at and facility are obtain bank We leverage looking that. for a

So we're building well. capacity up in vehicle as that

improvement rating. one the on credit the question then And in Okay.

think asked Brice us quarter? would then where that a may get my so be, upgrades But into X.X%. do have for strong this just the Is X.X% you ratings? guess, meaningful the question. just rating credit credit improvement just investment, I this new can remind I -- new new of portfolio. of the that investments, company, placed were of And when for the due Or initially there those terms and it's platform to primarily versus growth second placed where question sort any default for in

question. is This that. I That's can a Gerry. great take

So yes, improvements see did we this quarter.

X.X Now is right? to high to it something. something X.X a was some now of a So it rounding, little bit

nonetheless, that did place maybe bigger companies capital looks prepared like decimal like about -- of a in amount remarks we we jump had raising. one capital our But great raised of right, quarter, in terms it a they our it portfolio a have So than is. the spoke

within and factors our biggest to two our the performance credit cash so plan. system, rating And runway

raise of that And capital. a credits imagine cash for did number so you improving can runway

will When in we performing. end land around that call they of high what new bring generally we credits,

credits tiers. very we of in new think a quarter. this upper place our bit So before us cohort strong show I But for bring the in X We did to in like $X.XX we a range. them that

companies kind uptick equal the companies parts. think I -- well So a function of of in portfolio capital strong performing was originations, raising and

I I dollars, be statement quick the the And but how to on and assets credit that second that that guess, a any that, to the in expand just or I because pay nonqualified expand very very those Got may sort able the question of the that have foreign exposure, it. then loans if piece would would guess, would is facility through, portfolio, affect That's flow it's you seen require that big multi-credit don't European helpful. interest any think how think would a I on that how of portfolio. of expansion. I kind helpful. some could in facility be of but business the

and is are chime start now, mentioned, overall, the team in. you a all XX%. bucket, the about I'll book investments there. Right the fall of assets European or From Paul, into as Yes, nonqualified rest would that foreign nonqualified

plenty in to fund our financings are of all So loans our in foreign. that and dollars. continue room bucket to assets of that those now, majority U.S. are Right all

As facility that could utilize you risk. denominated have foreign land we a which to mentioned, we the currency in ability a currency, credit in do minimize foreign to the FX

that Our ability is raise purpose. bucket, just dedicated that's a capital with growth over the here size goal we've to the us with there. gives to we done to RIA, so the in just ability repeat what there it vehicle of have when capital to maybe start -- the with issues that And we raise do having there some

-- a it. we opportunity have really grow So to great

to a capital raise dedicated have additional investments. great opportunity We those to

I I what for guess and looking the How then mean, new if new I there threshold is because new diligence true, at for market. would And it. new work? that does Got a that sponsors sponsors, of lot it's that market. a of a a that's deeper deal kind process imagine you're just

we're here, in that but I doing haven't anything mean, not Ron, well jump done could as historically. we Yes. you that

been doing years. smaller XX we've Europe for business at So scale a in

exact deals so same go the process. through have to And

companies here to we underwriting venture-backed in been there over States. the effort gentleman The It's we've use who's the to pro lead out Ron. rigor is that This for brought decade. as a that on same lending a debt venture

known a someone that as is to he's we some record on quantity with known well. a a So stranger, in right? hired We hire personal level We have track us. didn't

now, same is question earlier it's mentioned a orders, portfolio criteria a the marching in Gerry earlier underwriting couple criteria, one, of the So but for good same an answer.

So same process.

or And to not as the Bay to the that are from in right? that team, doing to folks with who going U.K. business in that market Phoenix experienced we're we are bring looking send geography, out that individuals in We're in grow We're build Area. team going over

Our Harter next question Doug from comes with UBS.

talk continue to your to think channel leverage you to the grow Hoping how kind for could should of Ten and the we shareholders? line about for fall bottom RIA to outlook that the about operating

Doug, both for raising those and appropriate the for kind different risk of as capital verticals and the different across for we're raising of vehicle really our platform. focused leverage also that specifically RIA for co-investment on getting each capital then the the businesses a take.

into for year. and And us big now so -- a next focus that's

Our not-so-distant goal where a hard. future. future. to give of investors. is It's -- a lot. our nonsuggistant raise the incentive to the success big management in will And of detailed to all numbers. We've there and a we takes it But you capital to more be hope our in can It's capital is while. of have hope give future. which it's you specific I It raising been a for capital time at some see to privately. in difficult. it long going we part more we seen charge to information can't I flow raise fees fees,

closing Brown to to Q&A today's for the turn our portion any back floor or concludes remarks. CEO, that pleased I'm additional And Kyle conference. for

Investor many investment November contact you in XX for of today. like call Ben a we proud I'd investor quarter you'd on Have We updating you. your Head look participating results attend, of Thanks. in everybody and our in thank Capital. Thank call on to if to forward February. you seeing Manhattan to look of please of XXXX next results our forward rest Also, the We're our interest and Malcolmson. at our and third appreciate during event in your Relations Trinity day. -- to like great our

your thank does Ladies conclude conference, this you and we gentlemen, today's and all for participation.

You now disconnect. may